Stock markets: Anthropic’s revenue soars, boosting the Nasdaq. Milan stays afloat thanks to tech. WS -0.48%

(Il Sole 24 Ore Radiocor) - European stock markets got off to a sluggish start to the new week, held back by the deadlock between the US and Iran over the reopening of the Strait of Hormuz, whilst confidence in AI is returning following some positive indications regarding the financial results of the US firm Anthropic. As a result, Milan closed up 0.01 per cent (53,586 points), the only market in Europe to post a gain, not far from its closing highs and buoyed by a rally in tech shares. The session was weaker for the other markets across the continent. Traders’ attention remains focused on the Middle East, where talks between the United States and Iran to end hostilities have stalled. Today marks the expiry of the 60-day truce between Washington and Tehran agreed as part of the Islamabad deal, whilst the standoff over the Strait of Hormuz continues. According to reports in the Wall Street Journal citing Iranian and Arab sources, Tehran has spent the last two months preparing for a wider confrontation. For his part, the Iranian Foreign Ministry spokesperson, Esmaeil Baghaei, said that ‘there is no 60-day deadline in the text of the memorandum of understanding’ and that the MoU established ‘a timeframe’ to continue ‘talks on two fronts’, namely the easing of sanctions and the nuclear issue, “which could have been extended should no outcome have been reached”.

Mixed performance for the main indices on Wall Street, with investors once again focusing on possible developments in the Middle East. This week, the markets will be tracking a number of quarterly results from major retailers, whilst on the macro front, the Fed minutes, due on Wednesday, will help assess whether interest rates might be raised in September. However, weaker-than-expected US economic data released so far this month have already dampened those expectations. On the tech front, semiconductor stocks are buoying the markets, particularly on the Nasdaq, after Bloomberg reported that Anthropic’s second-quarter revenue had exceeded $11.5 billion, a sharp rise compared with a year earlier. Thus, amongst others, the performance of Micron Technology. It was also a good session for Space Exploration Technologies, which is back close to the $150 mark.

Wall Street closes lower amid uncertainty over the war with Iran. The Dow Jones fell by 0.48 per cent to 53,475.37 points, the Nasdaq dropped by 0.28 per cent to 26,653.16 points and the S&P 500 lost 0.48 per cent to 7,7545 points.

On the stock market, tech shares are once again leading the way on the Milan Stock Exchange, with St (+5%) and Prysmian (+2.4%) leading the main index, buoyed in part by the sector’s strong performance in Asia, where robust demand linked to AI has continued to underpin the prospects of companies integrated into the global semiconductor supply chain. There was also buying interest in Fineco (+2.1%) , Ferrari (+1.3%) and Unipol (+1.3%), whilst banks remain in the spotlight after the CEO of MPS (+0.03%), Luigi Lovaglio, reiterated on Saturday the need to preserve the bank’s integrity so as not to erode its value. Still on the banking front, according to Bloomberg, German government officials are reportedly open to discussing the sale of the 12.7 per cent stake in Commerzbank – which is controlled by Berlin – to UniCredit (-0.6%), provided the two institutions can agree on a shared strategy. At the other end of the market, Fincantieri (-3.6%) and Stellantis (-4.1%) saw profits taken, with Stellantis penalised by rumours of a possible review of its strategy in South America and news of a global recall of 955,000 vehicles. Nexi (-4.2%) and the luxury sector were also down, with Moncler (-3.8%) and Cucinelli (-1.8%).

On the energy front, whilst awaiting news from the Middle East, oil is rising, with Brent at $88 a barrel and WTI at $82. Meanwhile, the spokesperson for the Iranian Foreign Ministry, Esmaeil Baghaei, has stated that talks with Oman are continuing and that they are taking a long time due to the complexity of the issue, the involvement of various parties and attempts by some countries to obstruct the process. The scaling back of expectations of a rate rise by the Fed is weakening the dollar. The euro/dollar exchange rate has thus returned to 1.158 (from 1.1565), close to 1.16, a level it had not reached since mid-June.